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XRP Price Prediction For December 27
Ripple’s cryptocurrency, XRP, has taken a dip into the key support region between $2.40 and $2.20. The initial price reaction was observed on Sunday and Monday of this week, but unfortunately, it hasn’t been strong enough to suggest a clear upward move just yet.
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Currently, the price is showing signs of consolidation at these levels. If XRP manages to hold above the $2.40 support level, there might be a chance for a rebound. However, if it falls below $2.20, this could signal a more significant decline in the near term.
Key Support and Resistance Levels
A potential price move up from here could target the $2.59 level, which represents a typical resistance point. If XRP reaches this level, it might face challenges breaking through and could form a consolidation before moving higher. After testing $2.59, it’s possible that the price could revisit lower levels around $2.11 or $2.04 before attempting to move up again. A break of this support could suggest further downside potential, with the price possibly reaching levels between $1.39 and $1.80.
Upside Breakout Confirmation
The key resistance to watch is around $2.73, which marks the swing high from December 17th. If XRP breaks above this level, it would likely trigger a more direct upward move, with the potential for XRP to test its all-time highs.
In conclusion, XRP is at a crucial point, and the next few moves will heavily depend on the ability to maintain support at $2.40. A break below this level would shift the focus towards lower price targets, whereas a break above $2.73 would signal a bullish continuation.
According to Josh of Crypto World, not much has changed for XRP, as it continues to trade within a descending parallel channel, which suggests a short-term bearish trend with lower highs and lower lows. The support line for this channel is around $1.90, while the resistance is around $2.60.
Source: coinpedia.org
